SEC of Thailand Reported Increase in the Number of Applications for Obtaining a License for Work with ICO and Cryptocurrencies

The Securities and Exchange Commission of Thailand (SEC) reported increased control over the issuance of licenses to launch the ICO. As reported by the Bangkok Post on August 8, the decision is due to the fact that the Ministry of Finance has introduced new rules for the ICO sphere.

SEC Secretary-General Rapee Sucharitakul said that about 50 ICO projects intend to receive the relevant certificates, but this does not mean that they all will have the same authority to raise funds.

According to Rapee, 3 out of 5 ICO projects that want to obtain an SEC license have already submitted the necessary documents. Also, the SEC received about 20 applications from crypto-exchange companies that intend to provide services for the exchange of cryptocurrencies. Rapee noted:

“License approvals are being processed. Many companies interested in opening digital asset exchanges have said digital assets and cryptocurrency trading in the Thai market are quite active.”

According to the data, the process of obtaining a license lasts about 5 months. The SEC requires 90 days to transfer all documents to the Ministry of Finance. After that, the Ministry decides on the adoption of a license, which takes about 60 days. According to the requirements, a cryptocurrency company that intends to obtain a license must be located in the territory of Thailand, have a reliable financial status and pay the authorized capital.